October 2019

Found 7 blog entries for October 2019.

Is a 15-year Mortgage a Good Idea?


If you consider the current difference in a 15-year loan is approximately ½% lower, then, yes, it may a good idea.  But, if you can't afford the higher payment amortized over half the time of a 30-year, then, no, it may not be a good idea.

It may be good for some people based on their ability to make a higher payment if one of their goals is to build equity in their home faster or to pay it off sooner.

The term of the mortgage is a long-term commitment.  You are agreeing to make the specified payment each and every month.  If funds are tight one month, they don't allow you to make the 30-year payment one month and go back to the 15-year payment the following month.

An alternative to

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A Good Time to Buy a Home

You may have noticed that REALTORS® seem to always think now is a good time to buy and they can usually justify it with solid reasoning.  While it can be true in general, a good time to buy has more to do with the individual than anything else.  There are four things to consider.

It is a good time to buy a home when you have good credit.  Since the Great Recession and the housing crisis, lenders have been required to be sure that the borrowers have good credit.  This actually benefits not only the lenders but the borrowers because no one wants to buy something that they cannot afford and run the risk of losing it to foreclosure.  FHA has the most lenient FICO credit score of 580+.  VA requires a little higher at 620

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GOT TOYS? This Queen Creek AZ Home for Sale has a RV Garage! 

  BY THE RYAN-WHYTE REAL ESTATE TEAM AT INFINITY & ASSOCIATES Real Estate Agent with Infinity & Associates Share: October 21, 2019 01:44 PM

This is the one you've been waiting for! It's even better in person! From the curb and through to the backyard, prepare to be impressed. Amazing single level home in Crismon Heights offers 3 bedrooms+teen room (potential 4th BR)+den/office, brand new pool,3cg+50' RV garage and a large side yard to park all your toys. Step inside to appreciate all the upgrades that the owners poured into this lovely home. Gourmet kitchen features espresso cabinets,granite counters,kitchen island & pendants, custom hood and

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Time for a Toilet Upgrade?

Whether it is a cosmetic or a mechanical reason for upgrading a toilet, you may not know all the choices that are involved to choose the right one for your home.  The current toilet may have cracks or leaks in the bowl or tank.  It could be the aggravation of constant clogging or inefficient flushing.  Maybe there is damage in the porcelain bowl or built-up mineral deposits that are clogging the inlet holes or syphon tube.

If frequent repairs have you on a first name basis with the plumber, it may be time to consider replacing the toilet.  There are a lot of things to consider and the following list may help you sort through the choices.

  • Round, oval or compact oval ... There are two basic shapes of toilets: round
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Homeownership is the Top Contributor to Your Net Worth

Homeownership is the Top Contributor to Your Net Worth | MyKCM

Many people plan to build their net worth by buying CDs or stocks, or just having a savings account. Recently, however, Economist Jonathan Eggleston and Survey Statistician Donald Hays, both of the U.S. Census Bureau, shared the biggest determinants of wealth,

“The biggest determinants of household wealth [are] owning a home and having a retirement account.” (Shown in the graph below):

Homeownership is the Top Contributor to Your Net Worth | MyKCMThis does not come as a surprise, as we often mention that homeownership can help you to increase your family’s wealth. This study reinforces that idea,

 “Net worth is an important indicator of economic well-being and provides insights into a household’s economic health.”

Having equity

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Little known facts about FHA mortgages

  • FHA loans are available for one to four family unit properties with one unit being owner-occupied.
  • The minimum down payment for an FHA loan is 3.5%.
  • FHA has a minimum credit score of 500 to 579 but it requires a 10% down payment.  Not all lenders are willing to make loans to borrowers with lower credit scores.
  • There is a program for a borrower to roll the cost of the repairs into the mortgage.
  • Mortgage Insurance Premium is required on all loans
  • Mortgage Insurance Premium is required for the life of the loan.
  • Refinancing an FHA loan has a simplified process of qualifying.
  • FHA loans are easier to qualify for than conventional loans.
  • Borrower needs a valid Social
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5 Home Buying Acronyms You Need to Know [INFOGRAPHIC]

5 Homebuying Acronyms You Need to Know [INFOGRAPHIC] | MyKCM

Some Highlights:

  • Learning the lingo of home buying is an important part of feeling successful when buying a home.
  • From APR to P&I, you need to know the acronyms that will come up along the way, and what they mean when you hear them.
  • Your local professionals are here to help you feel confident and informed from start to finish…and this infographic will help you as you go.
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